Rivian Automotive (NASDAQ:RIVN) Given “Hold” Rating at Truist Financial

Truist Financial reaffirmed their hold rating on shares of Rivian Automotive (NASDAQ:RIVN) in a report issued on Friday,Benzinga reports. Truist Financial currently has a $12.00 price objective on the electric vehicle automaker’s stock.

RIVN has been the subject of several other reports. Royal Bank of Canada cut their price objective on Rivian Automotive from $14.00 to $12.00 and set a “sector perform” rating for the company in a report on Friday, November 8th. Needham & Company LLC cut their price target on Rivian Automotive from $18.00 to $14.00 and set a “buy” rating for the company in a research note on Friday, November 8th. Piper Sandler lowered their price target on Rivian Automotive from $21.00 to $19.00 and set an “overweight” rating for the company in a research note on Friday, November 8th. Benchmark started coverage on Rivian Automotive in a report on Monday, December 9th. They issued a “buy” rating and a $18.00 price objective on the stock. Finally, Morgan Stanley cut shares of Rivian Automotive from an “overweight” rating to an “equal weight” rating and reduced their target price for the company from $16.00 to $13.00 in a research note on Wednesday, September 25th. One analyst has rated the stock with a sell rating, fourteen have issued a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $15.74.

Rivian Automotive Stock Up 24.5 %

RIVN stock opened at $16.49 on Friday. The company has a 50 day moving average of $12.18 and a two-hundred day moving average of $12.93. The company has a market cap of $16.83 billion, a price-to-earnings ratio of -2.94 and a beta of 2.12. Rivian Automotive has a 12-month low of $8.26 and a 12-month high of $20.30. The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93.

Insider Buying and Selling

In other news, CFO Claire Mcdonough sold 8,097 shares of the stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $12.20, for a total value of $98,783.40. Following the completion of the transaction, the chief financial officer now owns 370,401 shares in the company, valued at approximately $4,518,892.20. This represents a 2.14 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction dated Monday, December 23rd. The shares were sold at an average price of $13.88, for a total transaction of $991,434.52. Following the sale, the chief executive officer now owns 863,361 shares in the company, valued at approximately $11,983,450.68. This trade represents a 7.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 256,000 shares of company stock valued at $3,312,443 over the last three months. 2.51% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Baillie Gifford & Co. grew its stake in shares of Rivian Automotive by 52.5% in the 3rd quarter. Baillie Gifford & Co. now owns 50,357,579 shares of the electric vehicle automaker’s stock valued at $565,012,000 after purchasing an additional 17,341,786 shares during the period. Renaissance Technologies LLC boosted its stake in Rivian Automotive by 153.2% in the 2nd quarter. Renaissance Technologies LLC now owns 5,430,500 shares of the electric vehicle automaker’s stock valued at $72,877,000 after buying an additional 3,285,867 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in Rivian Automotive by 79.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 4,607,220 shares of the electric vehicle automaker’s stock valued at $51,693,000 after acquiring an additional 2,035,831 shares during the period. AQR Capital Management LLC raised its stake in Rivian Automotive by 102.8% during the second quarter. AQR Capital Management LLC now owns 2,479,559 shares of the electric vehicle automaker’s stock worth $33,276,000 after acquiring an additional 1,257,106 shares in the last quarter. Finally, Susquehanna Fundamental Investments LLC bought a new position in shares of Rivian Automotive during the second quarter valued at $9,388,000. Institutional investors and hedge funds own 66.25% of the company’s stock.

About Rivian Automotive

Rivian Automotive, Inc, together with its subsidiaries, designs, develops, manufactures, and sells electric vehicles and accessories. The company offers consumer vehicles, including a two-row, five-passenger pickup truck under the R1T brand, a three-row, seven-passenger sport utility vehicle under the R1S name.